Perth, July 2, 2018 AEST (ABN Newswire) - Canadian focused explorer and developer Ardiden Limited ("ADV" or "the Company") (ASX:ADV) is pleased to advise that the ongoing due diligence diamond drilling program is progressing extremely well with the latest four holes all successfully hitting the Iron Formation (I.F.) target zone at the highly-prospective Kasagiminnis Lake Property in Ontario, Canada.

- Drilling confirms continuity of thick I.F. zones from close to surface with down hole widths of up to 24.0m (KAS-18-08 and KAS-18-10), with all four drill holes intercepting the target zone

- Mineralisation remains open in all directions

- Initial drill core assay results are expected soon

- Results continue to provide greater level of confidence in the continuity of the mineralisation and potential of the Kasagiminnis Lake Property

The due diligence drill program is focused on the Kasagiminnis Lake Property and has been designed to drill test and evaluate high grade historic gold intercepts and test mineralisation extensions of key gold mineralisation zones.

Historical results from the Kasagiminnis Lake Property reveal the gold mineralisation is structurally controlled and hosted within a north-east trending Iron Formation (I.F.) which lies within mafic and intermediate volcanic units. The gold also appears to be associated with sulphides replacing magnetite within the I.F., a common mineralisation style.

Ardiden considers these initial visual results to be very encouraging, as the early drill results and indications appear to support the historic results, showing a continuity of structures and mineralisation within the I.F. zones. Historically, the I.F. unit has been found to be mineralised along a 1.4km section in the main Kasagiminnis zone with additional mineralisation intersected both along strike and in other parallel I.F. units and Intermediate Volcanics.

Ardiden followed up the initial round of due-diligence drilling, completing a further four diamond drill-holes (holes KAS-18-08 to KA18-11) which have also successfully intersected multiple I.F. target zones from close to surface. Ardiden confirms these drill holes have now been reviewed and logged by the Company's geological team and drill core samples are currently being cut and prepared for analysis at Activation Laboratories in Thunder Bay.

Visual logging of the drill core has confirmed the presence of multiple I.F. layers from close to surface and the deposit remains open at depth. The recent holes reveal impressive intersections; (refer to Table 1 in link below for a full list):

- Hole SA-18-08, intersected 24.00m combined metres of I.F. zones from 64.10m down-hole over a total down-hole thickness of approximately 97.00m.

- Hole KAS-18-10, intersected 24.00m combined metres of I.F. zones from 91.30m down-hole over a total down-hole thickness of approximately 142m; and

- Hole KAS-18-09, intersected 19.80m combined metres of I.F. zones from 73.20m down-hole over a total down-hole thickness of approximately 146.50m

Ardiden notes the width of the I.F. zones identified in the drilling are core lengths and the true widths of the zones are yet to be fully determined. Such information about the zones widths will be provided once the structures are better understood.

The true potential of the Kasagiminnis Lake Property location has not been fully drill-tested and the mineralisation remains open in all directions and at depth. The Company is targeting known gold mineralisation hosted in multiple I.F. zones and will continue to develop its geological interpretation of the Kasagiminnis Lake Property as further drilling and assay results are received.

EXPECTED NEWSFLOW

Ardiden expects the initial assay results from Actlabs for the first two diamond drill holes in the coming days. The Company also will be providing further updates on the Pickle Lake due diligence drilling program as the information comes to hand.

Ardiden will also be providing an update to the market in the near future on the progress of the expansion drilling program due to recommence shortly at the Seymour Lake Lithium project and the results of the broad-scale regional prospecting and mapping program.

Ardiden Limited (ASX:ADV) is an emerging international diversified exploration and development company possessing a mature multi-element asset portfolio, with a near term development pipeline, focused quality projects located in the established mining jurisdiction of Ontario, Canada.